In this, the fifth and final of the comprehensive Audit Staff Essentials series, focuses on the more advanced areas of the audit for experienced seniors and to provide guidance, examples and exercises to build the skills to successfully obtain the audit evidence necessary in these areas. In addition to the technical knowledge necessary, this course provides an overview of the common responsibilities of experienced seniors, including a refresher on the important concepts of public interest, ethics and professional skepticism, as well as a deeper discussion of internal control, including evaluating material weaknesses and significant deficiencies. Also included will be a discussion of quality control standards and how they interact with the auditing standards. This course will provide discussion, examples and exercises that focus on the increasingly advanced topics that experienced seniors will commonly be tasked with including estimates, fair value measurement, service organizations and their effect on the audit, and other advanced topics such as taxes, leases, financial instruments and pensions. Additionally, the course will dedicate time to concluding an audit.
Course ID: ASE5
Audit Staff Essentials – Experienced Senior
- Recall the details of the more specific planning concerns regarding audits, including consideration of group audits and using a client’s internal audit function.
- Identify the key concepts surrounding auditing estimates and other subjective accounting information.
- Recall audit considerations surrounding advanced topics such as fair value measurement, leases, pensions and taxes.
- Identify the key concepts and procedures to properly audit information from a third party service organization.
- Identify the audit procedures surrounding the conclusion of an audit.
- Auditing estimates
- Fair value measurement and disclosures
- Other advanced accounting topics
- Use of a service organization
- Concluding the audit process